VANCOUVER, BRITISH COLUMBIA--(Marketwire -04/26/12)- Kenai Resources Ltd. (KAI.V - News) ("Kenai") is pleased to announce the receipt of regulatory approval of a Share Purchase Agreement ("SPA") whereby Kenai has purchased 100% of the issued shares (quotas) of Gold Aura do Brasil Mineracao Ltda ("GOAB") from Gold Anomaly Limited ("GOA"). Terms of the SPA require Kenai to issue 10 million common shares to GOA and forgive all debts owed by GOA totaling approximately $3.5 million (Australian).
Kenai has also agreed to issue, in the future, an additional 6 million shares to GOA upon the earliest of the following events GOAB receiving a mining concession, Kenai or GOAB completing a positive feasibility study on all or part of the deposit, commencement of commercial production at the Sao Chico project, the sale by Kenai of all or substantially all of its interest in GOAB, the sale, transfer, disposition, joint venture, option or similar transaction whereby Kenai or GOAB disposes all or substantially all of its interest in the property, the purchase or takeover of all or substantially all or a controlling equity interest in Kenai by a third party.
Daniel Kunz, Chairman of Kenai, states, "This agreement with GOA represents a significant milestone toward the future development of the Sao Chico project."
About Kenai Resources Ltd.
Kenai is a Canadian company focused on precious mineral project exploration and development, towards early significant gold production. The Sao Chico gold project in Brazil, 100% owned by GOAB, is KAI's principal asset.
On behalf of the Board of Directors of Kenai Resources Ltd.
Daniel Kunz, Chairman
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed and elsewhere in the Company's periodic filings with Canadian securities regulators. The economic viabilities of the resources estimates discussed in the release have not been established and may not be. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Shares Outstanding: 62,406,734
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.